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Category: Investment, Energy, Oil, Gas, Natural Gas
Hemiwedge Valve Corp (OTCPK: HWEG) Awarded Significant Order for its Hemiwedge® Cartridge Valve Product Line
CONROE, Texas - December 8, 2009 - Hemiwedge Industries (OTCPK: HWEG) announced today that its Hemiwedge Valve Corporation ("HVC") subsidiary has received a new purchase order for approximately $1.1 million dollars from a major mid-stream energy pipeline, storage and oil & gas production company in North America.
The Company stated that the order's valve sizes are all within its current product line range, including many in its three inch ANSI 900 Class product. The Hemiwedge® Cartridge Valve with Double Block & Bleed (or "DB&B") option will be utilized for CO2 and water injection applications. The order includes valve sizes ranging from two inch to three inch ANSI 600 and 900 class product, many of which will be delivered from stock.
Mr. Ken Chickering, the Company's Chairman and CEO said, "After a significant testing and evaluation phase by our customer in CO2 and water flooding service, HVC has received this large purchase order for our product to be delivered starting this month through the first quarter of 2010. The Hemiwedge® Cartridge valve has a DB&B feature, providing a verifiable shut-off when the customer switches back and forth from CO2 to water injection, which in turn, saves the customer several hours of downtime from not having to slip line blinds in to otherwise confirm no leakage across the valve. The customer also likes the patented Cartridge feature allowing rapid maintenance as all the internals are affixed to the bonnet and provides a ‘straight pull' to remove all the internal parts at once and replace them with a new Cartridge while the body of the valve remains in line saving time and money." Mr. Chickering continued, "For years, the oil and gas industry has used CO2 flooding and related techniques to recover additional oil and gas from older fields. We are pleased that such a dominate player in that market has selected our Hemiwedge® Cartridge valve product line. HVC anticipates several more orders in this application based on our proprietary Cartridge and DB&B features."
The Company's current product line is two inch size through twenty inch (with larger custom sizes available) and pressure classes from ANSI 150 through 900 class and API 6D monogrammed applications. Multiple internal trim packages are available including metal-seated valves for high temperature or severe service applications. The Hemiwedge® Cartridge Valve's value to mid-stream companies includes its DB&B feature, its Cartridge design, its stationary core design which directs flow away from the sealing surfaces and the wedging effect of the Hemiwedge® providing a mechanically-loaded seal.
The proprietary Hemiwedge® Cartridge valve product line is a patented innovative design that targets the process, oil and gas production, pipeline, power, refining and mining markets worldwide. Our customers have indicated they like the patented Cartridge technology which encases all the internals of the valve within the Cartridge and allows rapid in-line replacements, significantly reducing down-time and supply disruption, especially in higher maintenance service applications containing entrained solids such as line scale, sand, and debris. The stationary core design directs flow media away from the sealing surfaces allowing greater longevity in service, and the wedging effect of the Hemiwedge gives a mechanical seal or tight shutoff valve that works in low differentials and pressures as well as high differentials and pressures for performance in a broad range of applications.
About Hemiwedge Industries, Inc.
Hemiwedge Industries is a publicly-traded holding company that operates as a global supplier of engineered valve products through its Hemiwedge Valve Corporation ("HVC") subsidiary. In its 60,000 square foot ISO 9001 and API Q1 approved facility in Conroe, Texas, the Company manufactures and markets worldwide a patented proprietary new valve technology known as the Hemiwedge® Cartridge valve product line. The Hemiwedge® Cartridge valve is an innovative design that incorporates the positive features of ball, gate, plug and high performance valves resulting in a mechanically sealing, tight shutoff valve with a simple operation that provides outstanding longevity and performance in a broad range of applications with virtually no maintenance. HVC's Hemiwedge® Cartridge valve product line targets ANSI class and API 6D applications such as refining, mining, process, pipeline, mid-stream and petro-chemical markets. For additional information on the Company and its product line, please visit www.hemiwedge.com.
Forward-Looking Statements
This document contains discussion of items that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include, but are not limited to, customer concentration risk, difficulties in refinancing or restructuring its debt, difficulties in accelerating internal sales growth, volatility of the energy business and its effects on the Company's business, difficulties in new technology acceptance within the energy and process industries, restrictive covenants in our existing credit facilities, fluctuations in metals prices, political and economic global supply chain risk, general economic conditions in markets in which we do business, extensive environmental and workplace regulation by federal and state agencies and other general risks related to its common stock, and other uncertainties and business issues that are detailed in its filings with the Securities and Exchange Commission. All information provided in this release and in the attachments is as of December 8, 2009 and the Company undertakes no duty to update this information.
Contact:
The Company:
Hemiwedge Industries, Inc., Conroe, Texas
Matthew Flemming, CFO 936-539-5770
Source: Hemiwedge Industries, Inc.
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